The Request for Information regarding potential rule changes
to the Remittance Rule seeks information on the coverage of the rule and on the
expiration of an exception that allows certain financial institutions to
estimate certain costs that come with sending a remittance transfer.

The Bureau is
proposing to amend its rules governing prepaid accounts under Regulation E,
which implements the Electronic Fund Transfer Act, and Regulation Z, which
implements the Truth in Lending Act. This proposal requests comment on potential
modifications to several aspects of that rule.

The Bureau is proposing to delay the October 1, 2017 effective date of
the rule governing Prepaid Accounts Under the Electronic Fund Transfer Act
(Regulation E) and the Truth in Lending Act (Regulation Z) by six months, to
April 1, 2018.

The Bureau of Consumer Financial Protection (Bureau) is proposing to amend Regulation E, which implements the Electronic Fund Transfer Act, and the official interpretation to the regulation, which interprets the requirements of Regulation E. The proposal is related to a final rule, published elsewhere in today's Federal Register, that implements section 1073 of the Dodd-Frank Wall Street Reform and Consumer Protection Act regarding remittance transfers. The proposal requests comment on whether a safe harbor should be adopted with respect to the phrase “normal course of business” in the definition of “remittance transfer provider.” This definition determines whether a person is covered by the rule. The proposal also requests comment on several aspects of the final rule regarding remittance transfers that are scheduled in advance, including preauthorized remittance transfers. In developing the final rule, the Bureau believes that these issues would benefit from further public comment.